Page 38 - IACC Newsletter March 2013 Issue no. 9

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US investments in India
New York based glass major Corning Inc.to set up Rs 588-cr Pune facility
US-based specialty glass major Corning Inc. has decided to invest about Rs 588 crore for setting up an optical cable
manufacturing facility at Chakan near Pune.
It will provide employment to 270 persons. The investment would be done through its Indian arm Corning Technologies
India Pvt. Ltd. The Maharashtra Government has provided a window of five years for making the investment.
A senior Industries Department official said that the Maharashtra Government has decided to enter into a memorandum of
understanding (MoU) with the company, which will enable the company to get a number of sops under the ‘Mega Projects
Scheme’.
About 26 acres has also been allocated by the Maharashtra Industries Development Corporation for setting up the unit, the
official said.
Blackstone, two others to buy Indian business park for $367 million
US private equity firm Blackstone Group, along with two other companies, have agreed to buy a business park in south India
for 19.5 billion rupees ($367 million), two sources with direct knowledge told. The deal, which is expected to be concluded
within two to three months according to the sources, would be the largest private equity investment by value in India's real
estate sector since 2008.
Blackstone, a property fund founded by Housing Development Finance Corporation and unlisted real estate developer
Embassy Group plan to invest an equal amount to buy Vrindavan Tech Village, a special economic zone on the outskirts of
Bangalore in the southern state of Karnataka, one source said on condition of anonymity as the deal is not yet finalized.
The facility, built by Singapore-based developer Assetz Property Group, is spread across 106 acres of which about 20 acres
have been developed into 1.9 million square feet of offices occupied by companies that include Cisco , Sony Corp and Nokia.
On the remaining acres, Embassy plans to build homes on 30 acres and about 5 million to 6 million square feet of offices on
the rest. Real estate made up about a quarter of Blackstone's total global assets under management of $210 billion at the
end of December, and is its most profitable business.
In India, Blackstone has invested nearly $600 million in commercial assets over the past two years, making it one of the
largest private equity investors in the country. Blackstone, Embassy and Assetz declined to comment. HDFC did not respond
to messages.